12Aug

From January 1, 2025, a Progressive Personal Income Tax Scale with a Maximum Rate of 22% Will Come into Effect

Starting from January 1, 2025, a five-stage progressive personal income tax scale with a maximum rate of 22% will come into effect. Each of the new rates will not apply to the entire income, but only to the amount exceeding the threshold level of the previous level. Please find below the applicable rates and income […]

Posted by Awara
On August 12, 2024

07Feb

Individual’s Cash Flow Statement (CFS) on Foreign Account

If you live in Russia for most of the year (i.e., you are a resident) and you have an account (bank or brokerage) outside of Russia, you may have to send a cash flow statement to the tax authorities. When you don’t have to do anything You don’t have to file a CFS if two […]

Posted by Awara
On February 7, 2024

05Feb

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2023 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2024. Starting from June 1, 2024, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]

Posted by Sergey Minyailo
On February 5, 2024

05Oct

Fines for Errors in Maintaining Military Records of Employees Have Increased

Keeping military records in the company is nothing new. Until October 2023, fines for improper maintenance of such documentation were modest, and inspections were rare. Now fines have increased significantly, and attention to documentation has been intensified. Therefore, Awara recommends checking how this process is organized in your company. Who is obliged to keep military […]

Posted by Awara
On October 5, 2023

06Sep

How to Open a Company (LLC) in Russia: What Documents are Required and What to Consider

We have prepared a brief guide for foreign investors on opening a company (LLC) in Russia. In the article we draw attention to the required documents, the choice of company participants and organizational procedures. Founders / Owners/ Shareholders According to Russian legislation, individuals, as well as legal entities can establish an LLC, provided the following […]

Posted by Awara
On September 6, 2023

11May

“Call ” and “Buyback” Options for Ownership in a Company. Why These Instruments Might Be of Interest to Russian and Foreign Businesses.

What are the options, and why are they needed? Under Russian corporate law, it is possible to conclude “call” and “buyback” options for ownership in a limited liability company (LLC). These transactions represent a fast and convenient way to transfer ownership in an LLC and can significantly reduce legal and economic risks. Currently, options are […]

Posted by Awara
On May 11, 2023

13Sep

Western Sanctions and Retaliatory Restrictions by Russia

We have prepared an overview of the most important legislative changes that affect foreign companies and their operations in Russia. We conduct daily monitoring of changes in Russian legislation in order to provide you with the latest information to make timely decisions. 13.09.2022 Foreigners From Unfriendly Countries Will Be Able to Buy or Sell Stakes […]

Posted by Awara
On September 13, 2022

31Aug

From September 1, 2022, the Procedure for Working With Personal Data of Individuals Will Change

From September 1, 2022, amendments to the current legislation in the field of personal data protection will come into force: the circle of persons who need to transmit information to the Federal Service for Supervision of Communications, Information Technology and Mass Communications (Roskomnadzor) about their intention to process personal data is expanded, a number of […]

Posted by Awara
On August 31, 2022

02Aug

Awara Guide on Opening a Bank Account in Asia to Support Your Russian Business. Chapter 2: UAE.

This is the second article in our series on opening bank accounts in reliable jurisdictions. We talked to Aisha from A & A Associate LLC in the UAE about possibilities and benefits of Russian companies to open a bank account in United Arab Emirates. The UAE’s safe banking system, stable local currency, absence of currency […]

Posted by Awara
On August 2, 2022

01Aug

Awara Guide on Opening a Bank Account in Reliable Jurisdictions to Support Your Russian Business. Chapter 1: China.

Differences, Features, Tips, Pitfalls, and Best Chinese Banks for Russian Companies With a majority of Russian banks being currently disconnected from the SWIFT system, transfers to and from the EU and the US becoming difficult or impossible. US and EU sanctions further impede business transactions between companies of these regions and Russia. How to secure […]

Posted by Awara
On August 1, 2022

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